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Is the phone accessories business profitable in Nigeria? How much does it cost to start a phone accessories business? Then this is what you are looking for
Small business like phone accessories shop or GSM shops have been confirmed to be the most profitable business in Nigeria by a report from Mobile Business Update.
Compliments of the season from me, the founder of this site: Investment4Business. Everything is set this year to empower you with the right money-making investment opportunities. I hope you have set your plans on making money this year in the GSM (phone accessories) business? Did you read this article before?
Then please read this article because this is going to make you rich this year. For this month, I will be exposing to you those little secrets that can help you turn a GSM shop into a money-making business, starting with a little capital investment.
Okay? Now, let me begin with this article:
Having Your Own (Business) Plan
A GSM shop business can be highly lucrative if you go about it the right way; that is, if you have a plan. The best plan you can ever think of is ‘Stocking the right GSM products and a strategy to sell them at an increased turnover rate’.
That would be your best plan and it’s only what will guarantee your profitability. Once you can set the right plan in place, you have guaranteed your success. They are what formed the plan behind GSM shop success.
You need to define everything there in your plan. Maybe you don't know; small businesses like these can generate between N100,000 to N1 million monthly. However, your plan should take into consideration the kind of level you plan to operate with.
Maybe you should know now, GSM shop business can also import its own GSM products like we have friends that do. However, for a start up, you can start by getting your stock from wholesale importers while you grow your customer base, then you can go into importing directly on your own..
How Much Does It Cost To Start A Phone Accessories Business?
You need money to go into the phone accessories business or GSM shop business. Although, one can also venture into it without capital, but that would technically depend on how you go about it.
Let me leave that for now. But if you are going to succeed in the phone accessories business, you will need capital to start it. Some of the things you need to take into consideration in deciding your capital outlay include: shop rent, furniture, and of course GSM products.
Also note that the amount of capital required would depend on the level of your startup. Most importantly, your capital should take care of your main items; the phone accessories you plan to sell in your shop.
A good startup capital should be between N100, 000 to N1 million or more, depending on your financial power. But note that you will need the advice of those who went into the phone accessories business or a consultant to invest your capital wisely. Seek one and ensure you are guided before throwing away your capital the wrong way.
Get A Shop?
How about that? Well, you need a shop. There are so many options you can choose from. In case you don't know a well located kiosk is good enough for your GSM shop if you have only retail as your strategy.
A container too can serve as your shop. All these options are good, especially if you don't have enough capital. But I would like to advise you don't spend all your capital on renting a shop.
Rather invest much of your capital on phone accessories or GSM products. A simple, well located shop will do. You should ensure that your shop is located where you can be easily accessed by your target customers. If possible, locate around the area where you have more of your target customers.
A good location should be easily accessible and enjoy a good flow of traffic to encourage customers with cars to be free to patronize you without giving it a second thought.
Is the phone accessories business profitable in Nigeria?
Yes because stock GSM products that sell like hot cake. And by now, you should have decided on how your shop is going to be stocked, especially if you are going to sell unique GSM products.
If you ask what kind of phone accessories would make your GSM shop stand out. I would like to say those unique, not common and sometimes hard-to-find GSM products. But your primary concern should be your source of GSM products, especially if you are going for those unique GSM products.
There are some GSM shops where you can get your stock from here in Nigeria if you don't have money to import directly. It is usually the best option for every start up until you are sure the product is fast moving. Then you can jump into importation.
Remember, the products that would make you more money are those products that are not common but are in good demand. I am thinking beyond batteries and chargers.
Likely GSM products are power banks, mobile phone camera printer, Mobile diaries, Akkufresh battery running, mobile alert, GSM internet SIM cards, booster Fred SIM, phone-easy, SMS diaries, sharkpods, etc. The list is inexhaustible.
These are just a few of them I can think of right now. When you get started, you will soon discover others and even new ones that nobody is presently selling in the country. The potential of GSM shop business is so much as to be giving you N100,000 or more income if well managed.
Do Something Publicity
If you are going to make money with your GSM shop, people need to know that you exist, where you exist and what you have to offer. That is where your publicity plan comes in. Remember I told you that how you are going to sell your GSM products is one of the things you need to have in your plan.
The question is: ‘How do people get to know what you are offering?’ I have an idea of what you need to do: Advertise. Choose your own kind of advertising strategy. Don't advertise the way big companies do.
Choose a cheap but effective means of advertising. If you follow these steps religiously, I can assure you that you will build up a highly profitable GSM shop in your area.
This is one business you can set up even while you work and make money without being afraid of your shop attendance stealing your money.
You can take advantage of the uniqueness of the GSM shop business to be the first to explore the opportunity in your area.
Remember, the earlier the better. With the kind of profit one can make from a GSM shop, you may soon be considering leaving paid employment by the grace of God.
Stay tuned with me in the next blog post. Okay?
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